COMMISSIONER OF WEALTH TAX vs VISHNU CHAUBEY.

By the Court - The Income Tax Appellate Tribunal, Delhi Bench "E", Delhi by a common order dt. 10-2-1983 disposed of from appeals for the asst. yrs. 1972-73 to 1975-76 against levy of penalty by the WTO. In its order the Tribunal has recorded a finding that estimate of an asset was always a matter of opinion and the department has not suggested that the assessee showed in the return of net wealth the particulars of assets wrongly. That being so the Tribunal held that penalty for concealment would not be eligible. Aggrieved against the aforesaid appellate order the CWT, Agra filed reference applications under s. 27(1) of the WT Act, but the same were rejected by the Income Tax Tribunal by a common order dt. 11-7-1983.

The CWT has now filed these four corrected applications under s. 27(3) of the WT Act. We have heard ld. counsel for the Department and we find that the matter is concluded by finding of fact recorded by the Tribunal and no statable question of law arises out of the aforesaid order of the Tribunal. All these four applications are, therefore, dismissed with one set of costs assessed at Rs. 125.